Apax Xi Usd LP

Fundmanaged by Apax Partners LLP
Vintage
2023
Reported gross assets
$3.5B
Form ADV, Jun 29, 2026
Active deploymentFundraising status unknownother manager vehicleADV: Private Equity FundOutside venture scope

A private equity fund outside venture scope, shown because its manager is on the venture graph.

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Ask DFX about thisView relationshipsAmountsLimited partners
As of · the latest observation of this vehicle; each figure below carries its own filing date

5 additional principals, 8 additional placement agents

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

  1. +1749%
    reported GAV

    Reported gross assets rose from $192M to $3.55B between the Form ADV filings of 28 Jun 2024 and 29 Jun 2026.

    The fund's assets as the adviser swears them, never its size or dry powder.

    Derivedtwo Form ADV Schedule D filingsFor LPs, secondaries buyersReporting →
Drawing the relationship network…
Amounts, each with its basis
Vintage
2023basis: adv first reported
Target
unknownnot announced
First close
unknownnever inferred from a Form D
Final close
unknownonly from an announcement or an LP disclosure
Announced size
unknown
Form D offering
indefinitewhat may be sold, not what was raised; file 021-450479, 021-100000, sworn by the adviser or filed under this vehicle
Form D sold
$0as of the filing of Jun 28, 2022
First sale
unknown
Reported GAV
$3.5Bon the Form ADV filed Jun 29, 2026; the fund's assets, never its size or dry powder
Owners (ADV)
343
Reported on ADV
Jun 29, 2023 to Jun 29, 2026
Structure
master
Fundraising evidence
Unknown
latest Form D 2022-06-28, older than 15 months (fr-1)
evidence dated Jun 28, 2022.
Lifecycle
Active deployment
vintage 2 to 4 years
age years: 3first sale: n/avintage year: 2023adv gav as of: Jun 29, 2026vintage basis: ADV first reportedform d sold: $0form d offering: n/aform d latest filed at: Jun 28, 2022
The fund's own reporting through time
4 Form ADV filings
FiledTypeGross asset value OwnersMin. investmentAdviser-ownedAudit
Jun 29, 2023Private Equity Fund$8.1B
175$10.0M6%yes
Jan 18, 2024Private Equity Fund$8.1B
175$10.0M6%yes
Jun 28, 2024Private Equity Fund$192M
345$10.0M8%yes
Jun 29, 2026Private Equity Fund$3.5B
343$10.0M8%
Principals and agents
8 principals on Form D, 2 placement agents
Service providers
11 named on Form ADV Schedule D and Form D
Limited partners and their reported performance
1 public LP report
LPVintage (LP’s)CommittedPaid inDistributedRemaining valueNet IRRMultipleAs of
California State Teachers' Retirement System calstrs.com2024$150M$34.2MNot disclosed$39.7M23.8%1.2xJun 30, 2025
Known LPs and allocators
1 relationship, public pensions and the allocator graph, each counted once
AllocatorTypeAmountDateSource
California State Teachers' Retirement SystemSTATE RETIREMENT SYSTEM$150M
committed
reported as of Jun 30, 2025Fact Pension disclosure
Investments attributed to this vehicle
0
No investment attributed to this vehicle. The firm’s investments sit on the firm; a fund gets one only when a source names the vehicle.
Timeline
3 events
  1. Jun 30, 2025
    CalSTRS reports Apax XI USD L.P.: $150,000,000 committed, vintage 2024, net IRR 23.8%, 1.16x
    LP commitment disclosed Fact Pension disclosure
  2. Jun 29, 2023
    Apax Xi Usd LP first reported on Form ADV by Apax Partners LLP (Private Equity Fund), GAV $8,097,191,087
    Fund first reported on Form ADV Fact Form ADV
  3. Jun 28, 2022
    Apax XI USD L.P. filed Form D: no sales yet (indefinite offering), Private Equity Fund
    Form D filed Fact Form D
Evidence
16 observations
Every observation on this vehicle
  • Entity type: Limited Partnership Jun 28, 2022 Fact Form D
  • Form D fund type: Private Equity Fund Jun 28, 2022 Fact Form D
  • Form D industry group: Pooled Investment Fund Jun 28, 2022 Fact Form D
  • Amendment: false Jun 28, 2022 Fact Form D
  • Revenue range (Form D): Decline to Disclose Jun 28, 2022 Fact Form D
  • Incorporated: withinFiveYears Jun 28, 2022 Fact Form D
  • Jurisdiction: Guernsey Jun 28, 2022 Fact Form D
  • Lp reported fund: 150,000,000 Sep 13, 2026 Fact Pension disclosure
  • Amount sold (Form D): $0 Jun 28, 2022 Fact Form D
  • Exemptions: 06b, 3C, 3C.1, 3C.7 Jun 28, 2022 Fact Form D
  • Indefinite offering: true Jun 28, 2022 Fact Form D
  • Investors (Form D): 0 Jun 28, 2022 Fact Form D
  • Minimum investment (Form D): 0 Jun 28, 2022 Fact Form D
  • Securities offered: pooled Jun 28, 2022 Fact Form D
  • Office address: Jun 28, 2022 Fact Form D
  • Year of incorporation: 2021 Jun 28, 2022 Fact Form D

Relationships across DFX

on 3 other DFX graphs · 2 capital paths
Across the graphs

Apax Xi Usd LP is the same institution as 3 records in Allocators, Private Equity and RIA and Wealth.

Allocators1Private Equity1RIA and Wealth1

DFX found 3 relationships across 3 datasets

Which record it is in each graph, what it is called there, and how the two were matched.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Checking your plan…

Capital chain

Apax Xi Usd LP sits on 2 traced paths of capital across the graphs.

Allocator to VC fund to manager to company

DFX traced 2 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Record history

1 identity change, 2 dated events on the change ledger, latest event first
  • Merged in
    2026-09-15
  • LP commitment disclosed
    2025-06-30source on record
  • Form D filed
    2022-06-28source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.